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Buffet's Letter Warns Of Economy "In Shambles"

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Buffet's Letter Warns Of Economy "In Shambles"

Economy

Buffet's Letter Warns Of Economy "In Shambles"

Buffet's Letter Warns Of Economy "In Shambles"

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  • <iframe src="https://www.npr.org/player/embed/101315576/101315568" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript

February ended with stocks at a 12-year low and the Commerce Department reported that the country's gross domestic product shrank a dizzying 6.2 percent in the last quarter of 2008 — much more than anyone had predicted.

Even — or perhaps, especially Warren Buffett — is pessimistic. Saturday, in his annual letter to shareholders of his company, Berkshire Hathaway, Buffett said he expects the economy to be "in shambles" the rest of the year.

Host Scott Simon talks with economist Nigel Gault of IHS Global Insight about Buffet's letter and what results economists expect to see come from the stimulus package in the next few months.

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